Diffrence between concurrent audit and statutory audit

Question

Accepted Answer

Concurrent audit is conducted during the course of business operations, while statutory audit is conducted at the end of the financial year.

Concurrent audit is performed concurrently with the operations of the organization.
Statutory audit is conducted to ensure compliance with legal and regulatory requirements.
Concurrent audit helps in detecting and preventing frauds and errors in real-time.
Statutory audit provides an independent opinion on the financial statements of the company.
Concurrent audit focuses on operational efficiency and risk management.
Statutory audit focuses on financial reporting and adherence to accounting standards.
Concurrent audit is usually conducted by internal auditors.
Statutory audit is conducted by external auditors appointed by the shareholders.
Concurrent audit helps in improving internal controls and processes.
Statutory audit helps in providing assurance to stakeholders and investors.

Accepted Answer

A statutory audit is done annually to form an opinion on the financial statement of the company whereas an internal audit is done basically to prevent and detect errors and frauds.

Accepted Answer

Concurrent audit is a systematic and timely examination of financial transaction on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines and the statutory audit is compulsory for every company has no turnover

Accepted Answer

But, in concurrent audit no such Audit period is defined. It is conducted to check the daily transactions and ensure whether organisation is ensuring operational, regulatory compliance. ... In more simpler terms, usually an statutory or internalaudit is conducted for a specified period say 1 year or 3 months.

Diffrence between concurrent audit and statutory audit

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